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Journalism of Courage
Indian consumer products maker Marico Ltd said on Saturday it plans to raise 5 billion rupees ($97.8 million) from the sale of 29.41 million shares to two private equity investors at 170 rupees each.
On Tuesday,a newspaper reported Marico plans to raise 5 billion rupees to fund its latest acquisition.
In February,it bought the personal care business of privately held Indian company Paras Pharmaceuticals from UK consumer goods group Reckitt Benckiser.
Kotak Mahindra Capital Company and Citigroup are advising Marico on the share sale,which has yet to win shareholder approval.
Indivest Pte Ltd plans to buy 22.06 million of the shares and Baring India Private Equity Fund III Listed Investments Ltd 7.35 million,Marico said in a filing.
